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Matthias’s proposal adds support for a new keyword-only "exc" argument:
 print_exception(exc=exception_instance)
I still think it is worth supporting a single positional argument as well:
 print_exception(exception_instance)
Another point is that it may be better to keep the existing parameter name "value", rather than (eventually?) replacing it with "exc". I think both of these things could be accomplished by juggling the "value" and "etype" parameters:
def print_exception(etype=None, value=None, tb=None, ...):
 if value is None: # Assume value passed as first positional argument
 value = etype
 etype = None
 if etype is tb is None: # Only value passed
 etype = type(value)
 tb = value.__traceback__
 # Existing code using (etype, value, tb)
The disadvantage of any of these changes is that we may want to maintain support for the old signature while Python 2 remains alive.